Budget Highlights- Direct Tax

1. Income tax return can be updated within 2 years from the end of the relevant Assessment Year with additional taxes.

2. Alternate Minimum Tax for Co-operative Society reduced from 18.5% to 15%.

3. Surcharge for Co-operative Society reduced from 12% to 7%

4. Tax incentives for eligible startups increased by one more year upto 31st March 2023.

5. Reduced tax at 15% under section 115BAB shall extended upto year by 31st March 2024.

6. Tax on transfer of Cryptocurrency shall be at the rate 30%.

7. Losses from Cryptocurrency cannot be set off against any other income.

8. Gift of Cryptocurrency shall also be taxed at the rate of 30%.

9. TDS on payment of Cryptocurreny payment at the rate of 1%.

10. Surcharge on all the capital gains reduced from 37% to 15%.

11. Health and Education Cess and Surcharhe shall not be allowed as Business Expenditure.

12. Cannot Set off Brought Forward loss against the undisclosed income identified during search operations.